REG - Quartix Technologies - AGM Trading Statement and Directorate Change

Quartix TechnologiesAnnouncement

27/03/2024 07:00

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RNS Number : 4200I  Quartix Technologies PLC  27 March 2024

Quartix Technologies plc

("Quartix", "the Group" or "the Company")

AGM Trading Statement and Directorate Change

Quartix Technologies plc, one of Europe's leading suppliers of vehicle
telematics services and driver analytics, issues the following trading
statement ahead of the Annual General Meeting later today.

The new unit subscriptions for the first quarter of 2024 are expected to be
approximately 10% higher than recorded for the same period last year. Growth
in new subscriptions continues to be led by France and Continental Europe.

Trading for the first two months of 2024 has been consistent with meeting
market expectations for the year(1).

The Company also announces that Emily Rees, Chief Financial Officer, has
resigned from the Board of Quartix Technologies PLC in order to pursue
opportunities outside the Company. The Board thanks Emily for her service to
Quartix over the past three years and wishes her well for the future.

A further update on the selection process for a successor will be given in due
course.

Andy Walters, Executive Chairman of Quartix Technologies plc, commented: "The
results for the first two months of 2024 are encouraging, with an increase in
customer acquisition and new unit subscriptions reflecting the refocus on
organic growth in the business."

1 The Board believes that consensus market expectations for 2024, prior to
this announcement, were as follows: Revenue £32.1m, Adjusted EBITDA £5.4m
and underlying free cashflow of £3.43m (which excludes expected cash
expenditure of £2.5m on the 4G upgrade programme during the year)

 

For further information, please contact:

Quartix (www.quartix.com)

Andy Walters, Executive
Chairman
01686 806 663

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Matt Goode / Seamus Fricker / Trisyia Jamaludin (Corporate Finance)
                           020 7220 0500

Tim Redfern / Sunila de Silva (Corporate Broking)

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as retained as part of UK law by virtue of the European
Union (Withdrawal) Act 2018 as amended.

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